He also stated that the value of Dubai’s external trade rose 70% from Dh754 billion in 2009 to Dh1.276 trillion in 2016.

“We have achieved this growth despite the credit crunch in 2008 that hit the world’s economies. The achievement underscores the emirate’s strong standing in the global trading landscape.”

Imports took the majority share at Dh803 billion, while re-exports and exports accounted for Dh330 billion and Dh143 billion respectively.

China maintained its position as Dubai’s primary trading partner with Dh166 billion in two-way trade (13% of total trade), India came in second place at Dh94 billion (7.4% of total), followed by the United States at Dh86 billion (6.7% of total trade).

Saudi Arabia maintained its position as the top GCC and Arab trading partner and fourth globally with Dh52 billion (4.1% of total trade.)

Sheikh Hamdan stated that Dubai was able to diversify its foreign trade even through fluctuations in international trade in 2016, a slump in global markets and a decline in basic commodity prices.

"Thanks to the vision of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, we are moving swiftly towards a 'post-oil UAE'. We are further diversifying our economy and attracting more investment," the Dubai Crown Prince added.

Dubai saw an 8.2% surge in the total bunk weight of traded goods last year, rising to 92 million tonnes of commodities from 85 million in 2015. Direct trade totalled Dh830 billion (65% of Dubai’s total trade), followed by free zone trades at Dh411.44 billion (32%) and customs warehouse trade at Dh34.76 billion (3%).

The growth in trading of smartphones and communication devices was a key feature of Dubai’s foreign trade. Phones and communication devices represents the most traded commodity with a total value of Dh167 billion representing roughly around 13.3% of Dubai’s total trade.

Gold came second at Dh156 billion (12%), followed by diamonds at Dh97 billion (7.6%) and jewellery in fourth place at Dh63 billion (4.9%). Automobiles came fifth accounting for Dh60 billion (4.7%).

With over 18 years experience, our modus operandi is to set up, administer and manage offshore companies, trusts and foundations to meet the requirements of our clients or the specifications of their professional advisors.